Budget 2005:

Singapore Budget 2005

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	Budget 2005

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Budget Speech 2005

PART I - INTRODUCTION


		2004 - Broad based growth and fiscal recovery


		2005 - Continued growth and fiscal consolidation


		Creating Opportunity, Building Community

PART II - DYNAMIC AND ENTREPRENEURIAL ECONOMY


		Foster a conducive business environment

-

Reduce personal income taxes across-the-board


		Develop key engines of the economy

		-	Build on core competencies in manufacturing
		-	Leverage on our hub status to grow services
		-	Enhance our status as an international financial centre
		-	Strengthen our position as a logistics hub
		-	Rejuvenate the tourism and retail sectors
		-	Support small businesses


		Enhance the capabilities of our workers to secure good jobs

		-	Top up Lifelong Learning Fund
		-	Re-design jobs and re-skill workers
		-	Fine-tune foreign worker policy


		Opportunity is for people and businesses to create

PART III - LEAN AND EFFECTIVE GOVERNMENT


		A lean and efficient public sector

		-	Further Budget Cut of 3%
		-	Economy Drive and Cut Waste Panel
		-	Best Sourcing and Public Private Partnerships


		An effective government

-

Consult actively on public policies

-

Adopt a risk management approach to regulation

-

Respond flexibly to new challenges

PART IV - CARING AND INCLUSIVE SOCIETY


		Help Singaporeans cope with changes

-

Top-ups to Edusave Accounts

-

Top-ups to Medisave Accounts

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Top-up to Medifund

		-	Top-ups to CPF Special/Retirement Accounts of older Singaporeans
		-	Utilities Save Scheme
		-	Top-up to the ComCare Fund


		Encourage savings for retirement

-

Increase CPF voluntary contribution cap and tax relief cap for the self-employed

-

Relax the CPF Minimum Sum topping up criteria

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Simplify Supplementary Retirement Scheme


		Support families

-

Enhance the Baby Bonus Scheme

-

Reduce the foreign domestic worker levy


		Promote community involvement and philanthropy

-

Recognise sports as a “charitable purpose”

-

Recognise explicitly “other purposes beneficial to the community”

-

Grant double tax deduction for donations with naming opportunities

-

Extend Computer Donation Scheme to IPCs


		Other tax changes

		-	Higher excise duty on tobacco
		-	Changes to horse betting duty
		-	Greater scope of relief from stamp duties
		-	New relief for estate duty

PART V - CONCLUSION


		Revised FY2004 and FY2005 Budget Position

		Building our home together

ANNEXES


		ANNEX A :	Schedule of Personal Income Tax Rates for YA2006 and YA2007

		ANNEX B :	Key Features of Loss Carry-back

		ANNEX C :	Current and New Excise Duties for Tobacco Products

		ANNEX D :	Budget for FY2004 and FY2005